Ethereum hit three peaks above $2,500, but open interest fell, revealing trader hesitation at resistance.
BlackRock poured $54.8M into ETH on July 1 while retail flows stayed volatile, signaling a conviction in smart money.
Whale wallets added 1.4M ETH in June, marking the sharpest accumulation since 2018 as the price remained range-bound.
Ethereum's on-chain and derivatives data are sending mixed signals. Price continues to push above $2,500 while open interest declines, but whale wallets are quietly accumulating at the fastest rate in years.
Price Rallies While Open Interest Shows Divergence
Ethereum’s price has posted three local peaks above $2,500 since June 26, stated in an update by Kyledoops. However, Binance open interest failed to follow, marking lower highs under $5.6B across the same timeframe. This gap indicates that leveraged traders are not supporting the move.
The divergence began in early June and extended through July 1. Each time ETH rallied, open interest dropped back sharply. Traders seem unwilling to increase exposure at these resistance levels.
Spot price remains strong, holding above $2,400 despite weakening derivatives momentum. That said, conviction among futures participants appears limited heading into July.
BlackRock Enters ETH Market Amid Mixed Flows
AltcoinBuzz reported that BlackRock bought $54.8 million worth of Ethereum on July 1. The same day saw a notable outflow of $24.1 million, reducing the retained net exposure to roughly $30.7 million. No Bitcoin purchases were reported.
https://twitter.com/Altcoinbuzzio/status/1940272209299481077
This marks the largest single-day ETH inflow during the recorded period. Net flows across June were volatile, peaking at 98.0 inflow on June 24 but offset by large outflows that same day. July opened with renewed capital entering Ethereum.
June 23 and June 27 also posted notable ETH inflows, followed by positive accumulation trends. These days saw high activity from institutional sources despite the surrounding days showing minimal flows.
Whale Accumulation Reaches Highest Level Since 2018
In a post by Merlijn The Trader, Ethereum whale addresses holding between 1,000 and 10,000 ETH have sharply increased their positions. The data from Glassnode shows whale net positions flipped strongly positive in June, climbing from 12.8M to 14.2M ETH.
This accumulation marked the highest buying volume by large wallets since 2018. It coincided with ETH's price recovery and shows major players returning to the market. These spikes suggest long-term positioning rather than speculative plays.
Whale buying activity spiked as the ETH price remained range-bound. This implies that smart money is accumulating during market indecision. Glassnode data confirms this accumulation trend remains intact through mid-June.
Together, these metrics reveal a split in sentiment-traders remain cautious while institutions and whales show growing confidence.
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